Jack Chambers (Dublin West, Fianna Fail) | Oireachtas source

-----to part fund a socially progressive national retrofitting and energy efficiency programme, and to encourage and support farmers in the green transition.

HEAT PUMPS

I have decided to lower the VAT rate charged on the installation of heat pumps from the standard rate at 23% to the 9% reduced rate. This measure will complement the Government's national retrofit plan to transform Ireland's housing stock by retrofitting homes and installing heat pumps to replace older, less efficient heating systems.

MOTOR INSURERS INSOLVENCY COMPENSATION FUND

On behalf of the Minister of State, Deputy Richmond, and myself, I am pleased to announce that the Motor Insurers Insolvency Compensation Fund levy will be reduced from 1% to 0%. This reduction will be of benefit to up to 2.2 million policyholders on renewal from 1 January 2025 and follows the reduction of this levy from 2% to 1% in budget 2024.

REVIEW OF FUNDS SECTOR

Ireland has a leading position in the investment funds and asset management industry globally. The sector is a significant employer, supporting almost 20,000 jobs, with close to half of these located outside of Dublin.

Last year my Department established a funds review team and began a detailed forward-looking review of the funds sector with a view to safeguarding Ireland's leading position in the investment funds and asset management industry. I recently received their report, which I intend to bring to Government shortly and to publish thereafter.

OTHER MEASURES

I am extending the excise relief introduced last year for independent small producers of cider and perry to cover what is known as other fermented beverages which includes products such as mead and wines other than grape wine such as elderberry wine, strawberry wine, etc. In addition, I am extending this relief to higher strength cider and perry produced by independent small producers. CONCLUSION

I believe that budget 2025 is one that has the common good at its core. It allows us to ensure that we keep striving to provide better services and infrastructure for everyone, to build better communities and support social enterprise, to provide for those most in need, to ensure our indigenous businesses can grow and prosper, and remain a highly attractive and competitive place for international investment and business.

On the same day it was announced I was to be appointed Minister for Finance, this country lost one of the finest people, and undoubtedly the best commentator, we ever produced. Mícheál Ó Muircheartaigh, a legend in our country, always had such a way with words and his knowledge of GAA was unsurpassed. He was so knowledgeable in so many other ways too. I was reading through some of his memorable quotes which illustrated his superb command of language and his wisdom. Reflecting on his advice for young people on his 90th birthday, he said: "Always look forward to things. Look forward with hope. Hope is the greatest thing of all."

As elected representatives, I believe it is our responsibility and duty to foster a real sense of hope for the future, to inspire positivity, build a better State and demonstrate confidence about the possibilities ahead.

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